BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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To provide examples of best financial reporting practice for national bodies who develop their own requirements
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To ensure high ethical standards are maintained by financial reporting professionals internationally
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To facilitate the enforcement of a single set of global financial reporting standards
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To prevent national bodies from developing their own financial reporting standards
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Detailed explanation-1: -1.14 Which ONE of the following statements correctly describes how International Financial Reporting Standards (IFRSs) should be used? A One of the ways IFRSs are used is as an international benchmark for those countries which develop their own requirements.
Detailed explanation-2: -IFRS Accounting Standards bring transparency by enhancing the international comparability and quality of financial information, enabling investors and other market participants to make informed economic decisions.
Detailed explanation-3: -The correct answer to this question is a. It does not permit the recognition of intangible assets in balance sheets.
Detailed explanation-4: -Which ONE of the following statements correctly describes the contents of the Statement of Profit or Loss? The Statement of Profit or Loss contains a record of income generated and expenditure incurred over a given period.